Online Extra: Production Index Components

PRODUCTION INDICATORS
      
                                                           LATEST     WEEK   YEARLY
                                                             WEEK      AGO    % CHG
      STEEL                4/7 thous. of net tons           2,017    2,031#    -2.7
      AUTOS                4/7 units                       84,225   74,600#    -5.3
      TRUCKS               4/7 units                      153,280  131,800#     8.7
      ELECTRIC POWER       4/7 millions of kilowatt-hrs.   70,382   69,649#     2.5
      CRUDE-OIL REFINING   4/7 thous. of bbl./day          14,688   14,654#     3.7
      COAL                3/31 thous. of net tons          19,561#  22,960    -17.0
      LUMBER              3/31 millions of ft.              281.6#   273.3    -21.5
      RAIL FREIGHT        3/31 billions of ton-miles         31.9#    34.1     -7.3
      
      Sources: American Iron & Steel Institute, Ward's Automotive Reports, Edison
      Electric Institute, American Petroleum Institute, Energy Dept., WWPA,
      Association of American Railroads
      
      
      LEADING INDICATORS
      
                                                        LATEST       WEEK    YEARLY
                                                          WEEK        AGO     % CHG
      ECRI LEADING INDEX               3/30 1992=100     140.3      140.5r      1.6
      STOCK PRICES                      4/5 S&P 500     1443.8     1420.9      11.4
      CORPORATE BOND YIELD, Aaa         4/6                5.5%       5.4%     -4.8
      MONEY SUPPLY, M2                 3/26 billions  $7,203.4   $7,164.5r      6.4
      INITIAL CLAIMS, UNEMPLOYMENT      4/7 thous.         342        323r     11.4
      MORTGAGE APPLICATIONS, PURCHASE   4/7              413.8      402.9      -0.9
      MORTGAGE APPLICATIONS, REFINANCE  4/7             2015.0     2098.3      31.5
      
      Sources: Economic Cycle Research Institute, Standard & Poor's, Moody's, Fed-
      eral Reserve, Labor Dept., Mortgage Bankers Assn. (Index: March 16, 1990=100)
      
      
      PRICES
      
                                                       LATEST       WEEK    YEARLY
                                                         WEEK        AGO     % CHG
      GOLD                4/11 $/troy oz.             678.200    672.250      13.6
      STEEL SCRAP         4/12 #1 heavy, $/ton         270.83     289.17      14.5
      COPPER               4/5 cents/lb.               336.8      314.8      25.5
      ALUMINUM             4/5 cents/lb.               130.2      127.7       9.2
      COTTON               4/6 strict low middling      
                               1-1/16 in., cents/lb.    52.12      53.07      -3.5
      OIL                 4/11 $/bbl.                   62.19      64.48      -9.6
      CRB FOODSTUFFS      4/10 1967=100                299.60     294.49      24.5
      CRB RAW INDUSTRIALS 4/10 1967=100                471.61     465.64      24.0
      
      Sources: London Wednesday final setting, Metal Bulletin, Platt's Metals Week,
      Memphis market, NYMEX, Commodity Research Bureau
      
      
      FOREIGN EXCHANGE
      
                                                   LATEST         WEEK       YEAR
                                                     WEEK          AGO        AGO
      BRAZILIAN REAL                  4/11         2.0378       2.0365     2.1364
      BRITISH POUND                   4/11           1.97         1.98       1.75
      CANADIAN DOLLAR                 4/11           1.14         1.16       1.15
      EUROPEAN EURO                   4/11         1.3431       1.3369     1.2104
      JAPANESE YEN                    4/11         119.39       118.73     118.57
      KOREAN WON                      4/11          932.2        936.5      960.4
      MEXICAN PESO                    4/11         11.016       11.018     11.039
      TRADE-WEIGHTED DOLLAR INDEX     4/11           87.8         88.1       91.1
      
      Sources: Major New York banks. Currencies expressed in units per U.S. dollar,
      except for British Pound and European Euro in dollars. Trade-weighted dollar
      via J.P. Morgan.
      
      
      INTEREST RATES
      
                                                      LATEST       WEEK      YEAR
                                                        WEEK        AGO       AGO
      FEDERAL FUNDS                4/10                 5.26%      5.20%     4.74%
      COMMERCIAL PAPER             4/10  3-month        NA         NA        NA
      CERTIFICATES OF DEPOSIT      4/10  3-month        5.31       5.31      5.01
      FIXED MORTGAGE                4/6  30-year        6.32       6.29      6.57
      ADJUSTABLE MORTGAGE           4/6  one-year       5.90       5.87      5.75
      PRIME                        4/10                 8.25       8.25      7.75
      
      Sources: Federal Reserve, HSH Associates, Bloomberg Financial Markets
      
      #Raw data in the production indicators are seasonally adjusted in computing
      the BW index (chart); other components (estimated and not listed) include
      machinery and defense equipment. 1=Western Wood Products Assn. NA=Not
      available  r=revised  NM=Not meaningful
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